Joby Aviation (NYSE:JOBY) Shares Gap Up - Should You Buy?

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) shares gapped up before the market opened on Wednesday . The stock had previously closed at $13.95, but opened at $14.95. Joby Aviation shares last traded at $15.92, with a volume of 28,507,861 shares.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on JOBY. Wall Street Zen raised Joby Aviation from a "sell" rating to a "hold" rating in a research note on Saturday. Canaccord Genuity Group reissued a "buy" rating and set a $12.00 price objective on shares of Joby Aviation in a report on Wednesday, June 4th. Cantor Fitzgerald reissued a "neutral" rating and set a $9.00 price objective on shares of Joby Aviation in a report on Monday, June 23rd. HC Wainwright reissued a "buy" rating and set a $13.00 price objective (up previously from $9.00) on shares of Joby Aviation in a report on Monday, June 9th. Finally, Morgan Stanley reaffirmed an "equal weight" rating and issued a $7.00 target price (down previously from $10.00) on shares of Joby Aviation in a report on Friday, April 11th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $9.33.

Joby Aviation Trading Up 17.4%

The company has a market cap of $12.97 billion, a price-to-earnings ratio of -19.50 and a beta of 2.47. The company has a fifty day moving average price of $8.76 and a two-hundred day moving average price of $7.68.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.07. Joby Aviation had a negative return on equity of 63.27% and a negative net margin of 447,083.78%. During the same quarter in the prior year, the firm posted ($0.14) earnings per share. Sell-side analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Transactions at Joby Aviation

In other Joby Aviation news, CEO Joeben Bevirt sold 472,000 shares of Joby Aviation stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $9.82, for a total value of $4,635,040.00. Following the completion of the transaction, the chief executive officer owned 360,999 shares in the company, valued at approximately $3,545,010.18. The trade was a 56.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Bonny W. Simi sold 300,000 shares of the business's stock in a transaction on Monday, June 30th. The stock was sold at an average price of $10.79, for a total value of $3,237,000.00. Following the sale, the insider owned 203,588 shares of the company's stock, valued at approximately $2,196,714.52. The trade was a 59.57% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,046,702 shares of company stock worth $20,283,383. 28.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Signaturefd LLC grew its stake in Joby Aviation by 459.6% in the second quarter. Signaturefd LLC now owns 9,362 shares of the company's stock valued at $99,000 after acquiring an additional 7,689 shares during the period. Dakota Wealth Management boosted its position in shares of Joby Aviation by 75.7% during the second quarter. Dakota Wealth Management now owns 19,179 shares of the company's stock worth $202,000 after buying an additional 8,264 shares during the period. Cobblestone Asset Management LLC boosted its position in shares of Joby Aviation by 4.6% during the second quarter. Cobblestone Asset Management LLC now owns 64,250 shares of the company's stock worth $678,000 after buying an additional 2,850 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in shares of Joby Aviation by 63.5% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 37,788 shares of the company's stock worth $399,000 after buying an additional 14,676 shares during the period. Finally, NBC Securities Inc. boosted its position in shares of Joby Aviation by 35.1% during the second quarter. NBC Securities Inc. now owns 142,855 shares of the company's stock worth $1,507,000 after buying an additional 37,120 shares during the period. 52.85% of the stock is owned by institutional investors and hedge funds.

Joby Aviation Company Profile

Joby Aviation, Inc, a vertically integrated air mobility company, engages in building an electric vertical takeoff and landing aircraft optimized to deliver air transportation as a service. The company intends to build an aerial ridesharing service, as well as developing an application-based platform that will enable consumers to book rides.